個別銀行の同化 (聖学院大学名誉学長金井信一郎先生記念論文集)

概要

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In 1920, in the book Bank Credit, Chester Phillips contributed a well-known formula for the limitation of aggregate credit expansion. He criticized Henry Mcleod's contention which, in the case of a representative bank throughly assimilated to the system, assumed the establishment of a ratio of loans to cash on hand. Phillips linked the assimilation process of the ratio of derivative deposits to loans in each transaction at individual banks. But Phillips overlooked such macroeconomic indicators as money supply, M₂+CD. In other words, he was concerned not so much with the national economy as with banking firms and industry. Accordingly, he did not lump currency and deposits together but divided them into statistically separate items. Since then, bankers have taken in for granted that currency and deposits should be treated separately. This has been disastrous for our modern economy, because of the steady increase in the money supply. Bankers have sought to augment their revenue mainly through increasing bank loans.
1995-01-30